Olympic Games And Venture Capitalists

Steven Landsburg is making a sharp observation, as he often does:

By contrast, as a venture capitalist, Romney was in the business of creating wealth, not just redistributing it. You create wealth when you nurture firms that survive by fulfilling consumer demand in ordinary (non-tournament) competitive markets. You create wealth when you shut down firms that are swallowing more resources than their output is worth. You especially create wealth when you innovate — whether that innovation takes the form of new technologies or new patterns of trade. You create wealth for consumers when you outsource jobs to more efficient producers.

It’s sadly ironic, then, that Romney is being touted as a hero for his socially wasteful years at the Olympics and a villain for his socially productive years as a capitalist. Should we blame the schools?

Read the full text for a fleshed out argument.

Oversized as it is likely to be, I will certainly enjoy the coming Olympic overdose.

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